Diokno urges fintech industry to uphold consumer protection, inspire confidence in digital transactions

Finance Secretary Benjamin E. Diokno urged the financial technology (FinTech) community to work with the government in inspiring confidence in the digital markets during the Fintech Alliance 2023 Ambassador’s Gala with the theme, “Creating What’s Next in Digital: Dare-Drive-Defy” from August 7 to 8, 2023 at the Shangri-La The Fort in Taguig.

“We must remember that in order for a digital economy to flourish, consumers need to have trust in the integrity and fairness of digital markets. By working with government and regulatory agencies in combating scams, fraud, and cybercrime, we give our consumers the confidence to engage and transact in the digital space,” Secretary Diokno said in a recorded keynote message.

Secretary Diokno said that the shift to digitalization is a priority of President Ferdinand Marcos, Jr.’s administration.

The President emphasized in his second State of the Nation Address (SONA) the need to fully embrace digitalization in order to improve the delivery of public services, referring to it as the greatest, most powerful tool in combating graft and corruption.

“The Department of Finance and its attached agencies have made solid progress on this front, undertaking a comprehensive array of programs aimed at enabling digital finance to flourish,” Secretary Diokno said.

The Bureau of Internal Revenue (BIR) has upgraded its Digital Transformation (DX) Program to strengthen and modernize the Bureau, as well as enhance its policies, governance, and standards to elevate taxpayer experience.

“In fact, 69 percent of total returns were filed electronically and we expect all large taxpayers to be able to file returns and pay taxes electronically by next year through electronic invoicing,” Secretary Diokno said.

With the support of the World Bank (WB), the Bureau of Customs (BOC) is also undertaking the Philippine Customs Modernization Program (PCMP) to streamline operations by upgrading systems, procedures, and other activities.

On the other hand, the Philippine Identification System (Philsys) will transform how services are delivered and accessed by adopting the latest technology to enable presenceless, paperless and cashless transactions.

Converting at least